Thursday, February 24, 2011

The country’s largest realty firm, DLF, plans to launch one of the costliest residential projects here this week offering 38 luxury housing units at a price range of Rs 15-25 crore. The company will launch on Tuesday a super luxury residential project ‘DLF King’s Court‘, which is spread over 2.3 acres of land at Greater Kailash-II in South Delhi, with a project cost of about Rs 700 crore, PTI reported, citing sources.

DLF, which had developed 3,000 acre DLF City in Gurgaon and many colonies in Delhi in 1960s, would offer 27 flats, with sizes ranging between 5,000 sq ft and 7,200 sq ft, and 11 villas each of 7,000 sq ft. DLF Group executive director Rajeev Talwar confirmed that the company is developing a premium project in GK-II but declined to share further details.

“The apartments will be very premium in nature that never has happened in Delhi. The construction has already begun and possession will be given within three years,” Talwar said. Although DLF is yet to fix the basic selling price of the housing units, sources said these will be available for about Rs 15 crore to Rs 25 crore.

The company is likely to sell these flats and villas at Rs 35,000-40,000 per sq ft, sources said, adding that the project cost is estimated at Rs 700 crore, including the land cost. Last year, DLF had launched another luxury residential property ‘Capital Greens’ where flats were sold for about Rs 4 crore per unit at Shivaji Marg, close to Moti Nagar (near Central Delhi). The flats were offered at Rs 11,000 per sq ft. Rival Parsvnath has two residential projects in the National Capital — one at Subhash Nagar (West Delhi) priced at Rs 7,500 per sq ft and the other at Civil Lines (North Delhi) tagged at Rs 10,000 a sq ft.

Another developer Emaar MGF offered apartments at Rs 12,700/sq ft in its Commonwealth Games project. At present, DLF has 302 million sq ft of development potential, out of which 40 million sq ft is under construction.